Stops above 130.50 in EUR/JPY and selling in USD/SKR (Swedisk Kroner) are the only flows of note this morning.
A US investment house triggered the EUR/JPY stops and it has so far traded to a high of 130.68. More stops are expected above 131.05. Comments from the Swedish finance minister on Friday saw some fairly decent buying in USD/SKR and EUR/SKR but clarifications of some of his in the weekend press are seeing these positions being liquidated. With negigible liquidity during this time zone, movements in the non-majors are always exaggerated.
